I am suprised by ur figure for the returnees. I am from a top-20 ( NOT a top 10) business school and landed 3-4 offers located in China, The range of compensation is from high $40k to low $70K for corporate jobs (No MC or IB). No clue why the guy from UPen accepted that $12K job, I bet he has other perspectives (e.g., for entrepreneurs they only take salary which barely cover their living cost).
Make a quick judgement merely based on his or her basic salary is more than misleading, Period.